Pacific Gas and Electric is pledging to overhaul its board of directors in an attempt to avoid a potential takeover attempt by the state of California.
FILE - This Dec. 16, 2017, file photo provided by the Santa Barbara County Fire Department shows flames burning near power lines in Montecito, Calif. Pacific Gas and Electric is promising promising to overhaul its board of directors in an attempt to avoid a potential takeover attempt by the state of California and prove the beleaguered utility is turning over a new leaf as it works through its second bankruptcy in less than 20 years. The promise to shake things up came late Friday, Jan.
The promise to shake things up came late Friday as the San Francisco-based company filed its latest blueprint for getting out of bankruptcy court by June 30. But to make that deadline, PG&E still must win over Gov. Gavin Newsom, who has been insisting for months that the company must make more radical changes to a corporate culture that has repeated lapses in safety and played a role a series of catastrophic wildfires that drove the utility back into bankruptcy last year.
PG&E appears to be starting to bend to Newsom's will, but it's still not clear if the company is willing to go far enough to appease him. In its announcement and court filings, PG&E pledged to “refresh” its board before it emerges from bankruptcy, but didn't say whether it will comply with Newsom's insistence to oust the entire board. All but two of the current 14 directors have joined the board since last April.
PG&E used bankruptcy to settle those claims by wildfire victims, insurers and government agencies for $25.5 billion. The company also worked out a separate deal with most of its bondholders to persuade them to abandon a alternative route out of bankruptcy that would have made it easier for the state to take over if things continued to go awry.
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